Owning your own home

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Sam_w in reply to @NickCJ

If i'm honest I don't know, but it is not something my accountant flagged up as a potential issue, and we are in our forever house, so I am aiming to die here...

I assumed that after 7 years I could "buy" the cabin off the LTD for a nominal fee, but could be wrong there.

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NickCJ in reply to @Sam_w

I assumed that after 7 years I could "buy" the cabin off the LTD for a nominal fee, but could be wrong there

Ah yes, that makes sense. The book value in the LTD will be zero and you could convince yourself that the “fair market value” of a 7 year old cabin is not very much.

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Sam_w in reply to @NickCJ

Yes. Mine is 5 years old, so not sure what happens on the books in a couple of years when it has officially been devalued to zero, i'm sure my accountant will tell me!

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